The stadium, named after Jorge Luis Hirschi, who served as Estudiantes' president between 1927 and 1932, is located on 1st Avenue between 55th and 57th Streets, and thus is also known as 1 y 57. It was formally inaugurated on 25 December 1907. The arena was the venue where Estudiantes obtained the 1913 amateur league title, and where fans enjoyed los profesores ("the professors"), the famous 1930s offensive line of Lauri-Scopelli-Zozaya-Ferreyra-Guayta.

In 1937, a new lighting system was installed, and the stadium became the first major venue in Argentina to host night games.

In its initial incarnation (1907 to 2005) the stadium held up to 28,000 people, mostly standing-room, even though security measures would reduce its actual capacity to about 22,000. Its relatively meager size made Estudiantes use Boca Juniors' Bombonera stadium for its Copa Libertadores games.